New York State Legislature introduces Bill A9138, proposing a tiered consumption tax on proof-of-work mining

ChainCatcher reported that the New York State Assembly introduced Bill A9138 on Friday, which is a companion to Senate Bill S8518. The bill aims to impose a tiered consumption tax based on electricity usage for proof-of-work cryptocurrency mining operations.

According to the bill, mining operations with annual electricity consumption exceeding 2.25 million kilowatt-hours will be subject to taxation, with rates ranging from 2 to 5 cents per kilowatt-hour. The tax revenue will be used to fund New York State's energy affordability programs, providing support to low- and middle-income households. Mining facilities that operate entirely off-grid and use only renewable energy will be exempt from this tax. If passed, the bill will take effect on January 1, 2027.